Acc 201 Study guides, Class notes & Summaries

ong term investments - Answer are expected to be held for more than one year or the operating cycle. Examples: notes receivable and investments in stocks and bonds expected to be held for more than the longer of one year or the operating cycle. plant assets - Answer are tangible long-lived assets used to produce or sell products and services. Examples: equipment, machinery, buildings, and land that are used to sell products and services. Also called property, plant, and equipment (PP&E) ...

Gross Profit = Ans: Sales Revenues - Cost of Goods Sold Net Income (Loss) = Ans: Sales Revenue - Cost of Goods Sold - Operating Expenses Sales Revenue = Ans: Units Sold x Sales Price Cost of Goods Sold= Ans: Beginning Inventory + Inventory Purchases - End Inventory Operating expenses = Ans: gross profit - net income perpetual inventory system Ans: the inventory account is continuously updated as purchases and sales are made. basic periodic formula Ans: Beginning inventory Add: Cost...

Who is Alpha Kappa Alpha Sorority's chief officer? What is her role? (3 roles) - Answer Supreme Basileus 1.She presides all meetings of the Boule and Directorate. 2. She appoints the chairmen and members of all committees of the sorority, and fill any vacancies except as otherwise provided for in the Bylaws. 3. She supervises over employed personnel and over the Boule. When would you be eligible to run for this office? (3 reasons) - Answer After serving at least one term as a Basileus of...

Acc 201 Exam 1 Questions and Answers Already Graded A External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB B. FASB C. AAA D. AICPA E....

two forms of income statements - Answer single-step in- come statement and multiple- step income statement. Single-step income statement: - Answer Net Income = Total Revenues - Total Expenses IN INCOME STATEMENT: REVENUE AND EXPENSES then NET INCOME Multiple-Step Income Statement: - Answer it Highlights the components of net income Three important line items

2% of $20,000 - Answer A company receiving payments of a $20,000 accounts receivable within 10 days with terms of 2/10, n/30, would record a sales discount of: Depreciation expense for the year is $72,000 - Answer Equipment purchased at the beginning of the year for $200,000 with a residual value of $20,000 is being depreciated over a 5 year period of using the double-declining balance method. Which of the following statements is correct concerning the financial statement at the end of the ...

What could happen when an individual asset is increased? A. None of the choices is correct. B. There could be an equal decrease in another asset. C. There could be an equal decrease in a specific liability. D. There could be an equal decrease in stockholders' equity. - Answer There could be an equal decrease in a specific liability.

Short-term Investment - Answer Are securities held by a company that are readily marketable and intended to be converted into cash within the next year or operatin cycle, whichever is longer Readily Marketable - Answer An investment is readily marketable when it can be sold easily whenever the need for cash arises Management's Intent to Convert - Answer Management intends to sell the investment within the next year or operating cycle, whichever is longer

Refer to the above data. At the beginning of August, 2006, owners' equity in Waldorf. was $180,000. Given the transactions of August, 2006, what will owners' equity be at the end of the month? a. $186,000. b. $193,500. c. $208,500. d. $180,000. - Answer d. $180,000

Gross Profit =Sales Revenues - Cost of Goods Sold Net Income (Loss) =Sales Revenue - Cost of Goods Sold - Operating Expenses Sales Revenue =Units Sold x Sales Price Cost of Goods Sold=Beginning Inventory + Inventory Purchases - End Inventory Operating expenses =gross profit - net income perpetual inventory systemthe inventory account is continuously updated as purchases and sales are made.